Islamic Finance Highlights Opportunities for Ireland; Irish Government Committed to Establishing the IFSC as a Centre of Excellence for Islamic Finance

In his opening remarks the Tánaiste discussed current Government policy in this area and the legislation adopted by Government to encourage growth within this sector. He said, "We need to build on areas where we already have strengths, such as in financial services, but expand our horizons and our activities to create more and better jobs. There is potential for significant growth in Islamic finance and this forms part of the Government's strategy for the financial services industry in Ireland. Ireland is already a base for 20% of Islamic funds which are domiciled outside the Middle East. We want to establish the IFSC as a centre of excellence for Islamic finance. While Ireland is currently out of the market, we are open to considering issuing an Irish sovereign 'sukuk' (Islamic compliant bond) in the future."

Andrew Quinn, Chairman of IFA Ireland and Head of Tax at Maples and Calder, commented, " The clear message from our seminar is the Government’s interest in developing the IFSC as a centre of excellence in Islamic finance. The expert speakers outlined the size and potential for growth in Islamic finance and the opportunities for Ireland. Ireland has a track record in establishing centres of excellence in financial services, such as in investment funds, debt capital markets and aircraft leasing, and this success can be replicated in Islamic finance."

The International Fiscal Association Ireland ("IFA Ireland") hosted a seminar to discuss opportunities for Ireland in Islamic finance. The seminar was chaired by Andrew Quinn, Chairman of IFA Ireland and Head of Tax at international law firm Maples and Calder. Andrew was joined by the Tánaiste, Leader of the Labour Party and Minister for Foreign Affairs and Trade, Eamon Gilmore, and a number of expert speakers who gave their views on current opportunities for Ireland in Islamic finance.